Some of the world’s richest countries have today reached a landmark agreement to close international tax loopholes used by some of the biggest…
Some of the world’s richest countries have today reached a landmark agreement to close international tax loopholes used by some of the biggest multinational corporations, including big tech companies like Apple, Google, and Amazon (via Reuters). At the G7 summit in London, representatives of the U.S., UK, France, Germany, Canada, Italy, and Japan reached an agreement on a coordinated effort to support a minimum global corporation tax rate of at least 15 percent and committed to ensure that multinational corporations pay taxes in the countries where their business operates. «After years of discussion, G7 finance ministers have reached a historic agreement to reform the global tax system to make it fit for the global digital age,» said the United Kingdom’s Chancellor of the Exchequer, Rishi Sunak. The joint accord, which is expected to form the foundation of a global pact next month, is aimed to stop what U.
